There is an emphasis on Australian fashion which Melbourne-born designer Jacqueline Hunt - of Aussie brand Jac and Jack which features in the Melbourne Emporium - says it will be good for the whole industry.

"The local designers, smaller designers will benefit from a centre like this opening because it brings trade and retail and interest into the city," she said.

"Smaller designers can open boutiques, perhaps not in a centre like this, but around the CBD in many of the laneways or the streets off the CBD and create a really interesting other sort of side of fashion. So I think it's good for everybody."

The centre began life in 1911 as the Myer Emporium.

Its stately facade remains but inside it is an all 21st century designer decor.

The project's recent history has been controversial.

In 2012 during the construction of the 48,000 square metre centre, workers from the CFMEU blockaded the building site claiming safety concerns.

Earlier this year a court found the union's actions were illegal, and it was fined $1.25 million.

Angus McNaughton, from CFS Retail Property Trust which owns 50-percent of the centre, says every major project has its teething problems along the way.

"The CFMEU was a small teething problem that we worked through," he said.

"I think the key thing is we're open. Grocon have done an amazing job completing the development and we're just really excited to see it finished."

The bridge connecting the Emporium and the Melbourne Central shopping centre has also been reopened.